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Gloucestershire Business News

Sports giant maintains profit guidance

JD Sports has maintained its full-year profit guidance as it made "good strategic progress" despite the market "remaining challenging".

Total sales for the sports giant edged up 3.6% to £10.5bn in the 53 weeks to 3 February, with like-for-likes up 4.2% and organic sales jumping 8.4%.

JD Sports has two stores in Gloucestershire,  in Cheltenham's Regent Arcade and Gloucester's Eastgate Shopping Centre.

The retailer, which is dubbed the 'King of Trainers', reaffirmed the £915m to £935m adjusted pre-tax profit range that it guided at the start of the year, after lowering from its initial £1.04bn target, according to Retail Gazette.

JD Sports warned in January it would fall short of its £1bn profit guidance, citing a "softer" golden quarter. Fourth quarter group like-for-likes fell flat at 0.1%.

In the UK and Ireland, final quarter sales dipped 3.2% which it attributed to a "weaker" apparel performance against footwear and a decision "not to participate fully in the significant, mainly online, promotional activity within the UK".

On a full-year basis, like-for-likes edged up 0.8%.

Régis Schultz, JD Sports chief executive, commented that the company outperformed the sportswear market last year 'reflecting the strength of our business".

JD Sports achieved like-for-like sales growth of over 4%, organic growth of over 8% and its athleisure range achieved organic growth of over 10%.

JD Sports said trading at the start of the new financial year has so far been "in line with expectations" despite the market "remaining challenging".

The company anticipates trading conditions will improve through the year, helped by a busy sporting summer and softer comparatives with last year.

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